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F&O Outlook: Nifty to hit new high
The FIIs long build-up in the Nifty futures and short covering in stocks futures during the week ended November 13 augur well for the market. The Nifty expected to hit a new high in the coming week if it crosses a crucial resistance at 5,060. On the down side the 4,940 is healthy support and below that 4,860 is the crucial support level. The Nifty rose over four per cent during the week largely due to short covering from the foreign investors in Nifty futures and stocks futures.

India may raise interest rates in Q4, Barclays says
Public sector lenders Bank of Baroda (BOB), Indian Overseas Bank (IOB) and Andhra Bank have signed a joint venture agreement for setting up India BIA Bank (Malaysia) Bhd, a banking subsidiary in Malaysia.

News of the day

Arvin Meritor opens India tech centre; to hire 100 engineers
US-based auto component maker Arvin Meritor today said it has opened its first technical centre in India and would be recruiting 100 engineers for the facility as part of its efforts to improve product development.
Public Relations

Aban Offshore opens bids for Rs 1,000-cr QIP issue

Offshore oil drilling and production services company Aban Offshore today opened bids for its Rs 1,000-crore qualified institutional placement (QIP) issue. - DCB to raise up to Rs 100 cr via QIP issue - Aban Offshore Q2 net dips 73.32% to Rs 71.4 crore - Aban Offshore net rises 7% to Rs 87 cr - HCL Infosystems opens Rs 500 cr QIP issue - Aban Offshore rises on contract extension - Marg to raise Rs 2,905 cr via GDR, QIP issue The committee of the company"s board also approved the floor price of Rs 1,224.28 per equity share for the proposed QIP issue and fixed November 13 as the date for it, in accordance with Sebi rules. The committee of the board took these decisions at its meeting today, Aban Offshore said in a filing to the Bombay Stock Exchange (BSE). The company also authorised the committee to decide on the appropriate date for closing the bids, it said. The committee further approved the draft preliminary placement document in relation to the allotment of equity shares of Rs 2 each for an amount of Rs 1,000 crore to qualified institutional buyers, it said. The company, which is also engaged in the business of wind-power generation, possesses 20 offshore assets including 15 jack-up offshore drilling rigs. Shares of the company closed at Rs 1,234.75, up 0.46 per cent from previous close on the BSE.


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